This tab of the Render Settings holds common options for outputting files, like renders or textures. It also allows for MEL and Python scripts to be executed during the rendering process. For information about using Python with this feature, see the Python Access to the Translated V-Ray Scene page.
The Common tab also provides access the following windows:
Fancy Bullets
type
circle
Image Format Options - Additional settings for the selected output image format. Includes settings like quality and compression.
Ptex Baking Options - Additional settings for when the texture Baking engine is set to Ptex Baking.